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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY17
Revenue from operations	140	139	130	108	116	123	126	105	112	127	116	117	120	121	105	90.4	105	93.7	68.3	63.3	62.1	50.2	34.8	32.8	20.3	74.3	87.4	99	107	96.7	99.3	96.9	87.2
Other income	1.5	1.5	1.2	0.1	1.1	3.9	0.5	1.5	0.5	0.8	0.1	0.9	0.1	0.5	0.1	0.3	0.2	0.7	0.1	0.1	0.2	0.2	0.3	0	0.3	0	0.6	0.1	0.2	0.2	0	0	3.1
Total expenses	149	140	131	110	120	125	125	111	113	123	112	116	117	117	102	90.2	105	100	74.7	69.4	68.4	56.8	46.1	44	38.4	72.3	83.6	93.4	101	92	94.9	92.9	82.9
EBITDA	3.8	11.2	10.4	7.5	6.9	8.4	10.4	3.7	9.3	14.2	13.1	11.6	12.9	13.7	11.8	9	8.8	3.4	3	3.2	2.8	3.1	−1	−0.5	−7.7	9.8	10.5	11.7	13.1	10.6	10.3	10.5	9
EBITDA margin	2.7%	8.1%	8.0%	7.0%	5.9%	6.8%	8.2%	3.5%	8.3%	11.1%	11.3%	9.9%	10.8%	11.3%	11.2%	9.9%	8.3%	3.6%	4.3%	5.0%	4.5%	6.1%	-2.8%	-1.4%	-38.1%	13.2%	12.0%	11.9%	12.2%	10.9%	10.4%	10.9%	10.4%
Finance costs	3.8	2.7	2.5	2	2.1	2.2	2.1	2.1	2.1	2.1	1.7	3.1	2.6	2.7	2.8	2.8	2.4	2.7	2.6	2.8	2.6	3.1	3.4	3.5	3.4	2.7	1.9	1.7	2.8	2.2	2.3	2.9	2.2
Depreciation	8.8	9.1	8.3	7.7	8.4	8.5	7.6	7.6	7.6	7.5	7.4	7.4	7.3	6.4	6	6	6.3	7	6.9	6.5	6.4	6.6	6.9	7.3	7.1	5.1	4.8	4.5	4.7	3.7	3.7	3.7	2.6
Profit before tax	160	0.6	0.8	−20	−2.5	1.6	1.2	−4.5	0.1	5.4	4	2	3.1	5	3.1	0.4	0.2	−5.6	−6.4	−6	−6.1	−6.4	−11	−11.2	−17.9	2	4.4	5.6	5.8	4.9	4.3	4	7.4
Tax	31.5	0.8	0	0	0.3	0.6	0	0	0	2.8	0	0	0	0.7	0	0	0	−0.9	0.1	0.1	−0.1	−1	−1	−0.8	−0.9	0.6	−0.3	−0.1	−0.1	−1.1	−1	−1.3	−0.9
Net profit	129	−11.3	0.8	−20.1	−2.7	1.1	1.2	−4.5	0.1	3.1	4	2	3	5.1	3.1	0.4	0.2	−4.7	−6.5	−6.1	−6	−5.9	−10	−10.5	−17	1.7	4.6	5.8	6.9	6	5.4	5.3	8.3
Net margin	91.9%	-8.1%	0.6%	-18.6%	-2.3%	0.9%	0.9%	-4.3%	0.1%	2.4%	3.5%	1.7%	2.5%	4.2%	2.9%	0.5%	0.2%	-5.0%	-9.5%	-9.6%	-9.6%	-11.8%	-28.7%	-31.9%	-83.9%	2.3%	5.3%	5.8%	6.5%	6.3%	5.4%	5.5%	9.5%
EPS (₹)	89.62	-8.26	0.53	-14.03	-1.91	0.79	0.83	-3.12	0.09	2.15	2.83	1.49	0.00	3.97	2.41	0.35	0.13	-3.68	-5.14	-5.01	-4.93	-4.90	-8.27	-8.65	-14.07	1.11	3.86	4.79	5.82	5.26	4.68	4.64	7.20
Net profit YoY	+4809.2%	−1097.3%	−37.0%	−350.8%	−2200.0%	−63.2%	−70.5%	−328.2%	−95.7%	−39.3%	+31.6%	+343.2%	+1688.2%	+208.1%	+147.3%	+107.3%	+102.9%	+20.9%	+35.1%	+42.1%	+65.0%	−441.6%	−315.2%	−281.8%	−345.0%	–	−23.2%	+6.9%	+30.2%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY17
Revenue from operations	494	466	479	422	287	138	367	299
Other income	3.9	6.5	2.2	1	1.1	0.8	1	27.9
Total expenses	501	474	467	414	313	185	351	312
EBITDA	36.1	31.8	51.7	43.2	12.3	−6.1	44.8	14
EBITDA margin	7.3%	6.8%	10.8%	10.2%	4.3%	-4.4%	12.2%	4.7%
Finance costs	9.2	8.5	9.7	10.8	10.7	13.4	9.1	12.8
Depreciation	33.5	31.3	29.7	24.7	26.8	27.8	19.2	14.2
Profit before tax	−21.2	−1.5	14.5	8.7	−24.1	−46.5	17.5	14.9
Tax	1.2	0.7	2.9	0.7	−0.9	−3.6	0.2	−1.5
Net profit	−33.3	−2.1	12.1	8.7	−23.2	−43.4	18.8	16.4
Net margin	-6.7%	-0.4%	2.5%	2.1%	-8.1%	-31.4%	5.1%	5.5%
EPS (₹)	-23.24	-1.44	8.77	6.87	-18.74	-35.88	15.38	14.72
Net profit YoY	−1516.5%	−117.0%	+38.6%	+137.6%	+46.5%	−330.7%	–	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	3.3	50.1	27.2	23.3	24.8
Investing cash flow	−72.9	−71.3	−45.2	−20.9	−6.8
Financing cash flow	79.3	23.2	22	−2.9	−18.4
Capital expenditure	71.8	71.5	48.3	21.3	13.4
Free cash flow (CFO − capex)	−68.5	−21.4	−21.2	2	11.4

Net profit trend

annual, ₹ crore

FY21

₹−43.4

FY22

₹−23.2+47%

FY23

₹8.7+138%

FY24

₹12.1+39%

FY25

₹−2.1−117%

FY26

₹−33.3−1517%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	–	PDF XBRL
Q4 FY26	Consolidated · audited	29 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	–	PDF XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF XBRL
Q3 FY26	Consolidated	13 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	13 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	–	PDF XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 78.7×4.2×

P/B5Y avg 2.10×1.18×

ROEFY26, on average equity-9.1%

Net margin-6.7%

Debt / equity0.47×

Revenue CAGR (3Y)5.4%

Profit CAGR (3Y)–

EPS (TTM)₹68.33

Market cap₹413 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

1.18×

vs 8-point avg 2.10× (−44%)

1.18× low2.10× avg3.09× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹626 Cr+14%

Net worth₹350 Cr−9%

Total borrowings₹166 Cr+132%

Cash & bank balances₹17 Cr+128%

Investments₹8 Cr+34%

Inventories₹69 Cr+33%

Trade receivables₹75 Cr+23%

Trade payables₹67 Cr+33%

Change vs the same date a year earlier.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	46.71	46.71	46.71	46.78	46.78	46.78	46.78	46.87	46.87	46.87	46.87	46.99
FII	9.07	9.06	9.06	9.08	9.79	9.81	9.99	10.02	10.00	10.23	10.32	10.24
DII	0.26	0.09	0.09	0.09	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retail	32.40	31.16	31.32	31.69	31.72	31.82	30.46	30.21	30.19	29.92	29.97	29.67
Other public	11.56	12.98	12.82	12.36	11.62	11.59	12.77	12.90	12.94	12.98	12.84	13.10

9,589 shareholders · NSE shareholding pattern filings.